The last of the big four, ANZ has confirmed it will lift variable rates on owner occupied and investment home loans, effective 20 November.
The standard variable rate for owner-occupier home loans will increase by 0.18% to 5.56% whilst the standard variable rate for residential investment property loans will also increase by 0.18% to 5.83%.
Its the same story, ANZ also refers to rising regulatory capital requirements causing the rise.
“This decision reflects the significant additional cost of capital banks are now required to hold against home lending,” ANZ CEO Australia Mark Whelan said.
ANZ says the 18 basis point increase will add $36 per month to the average home loan of $242,000 and currently 42% of ANZ home loan customers are already at least one month ahead on their repayments.
Now, the fun begins – will the regionals tag along?
